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Correlation between stocks and bonds

Hi all

A rookie question. If I want to calculate correlation between say a stock and a bond, giving that st dev are so different in this case, what is the correct approach to normalise daily returns of such different asset classes? Usually, eg here https://www.investopedia.com/articles/financial-theory/11/calculating-covariance.asp, they recommend

Corr (X,Y) = covariation (X,Y) / st dev (X) * st dev (Y)

Is the above approach taking care of the fact that two assets may be so different in return variances? if not what is a better approach? Thanks